Critics of Bitcoin often argue that it’s useless as a means of payment, one of the key elements of any successful currency. That’s not quite right, and likely to become less so. First, a reminder on how Bitcoin works. If I want to send someone some Bitcoin, I simply broadcast my intention to the network. I then wait for the ...

It’s bad form to bring up unpleasant things during bonus season. That’s one of the two reasons the Asian sell-side isn’t talking much about MiFID II. The other is copious liquidity. Make no mistake. Once the great bull market ends and equity trading volumes recede, the margin compression triggered by the European Union’s revised Markets in Financial Instruments Directive will ...

The year ahead looks to be dangerous for health-care security in the US, as Donald Trump’s administration continues to sabotage the law that Congress couldn’t repeal. New proposals would let many more healthy Americans drop their Obamacare coverage — raising costs for the unhealthy and risks for everyone, sick or well. It will fall to state governments to resist this ...